Bankruptcy Solutions

Settle your debt and take back your life

Overwhelmed by debt? You’re not alone. Bankruptcy gives you a chance to erase most of your debts and start over with a clean slate. When you work with a Licensed Insolvency Trustee, you’ll have someone on your side who can stop the calls, legally protect you from your creditors, and guide you through every step of the process. 
Our bilingual trustees can help you with:
  • Credit card debt
  • Income tax debt
  • Wage garnishment
  • Payday loans
  • High-interest loans
  • Debts after repossessions
  • Financial counselling

Book your free remote or in-person consultation by calling us at 613-567-4357 (HELP) or use our contact form to get started.

How does Bankruptcy work?

Filing for bankruptcy in any province in Canada is done exclusively with the help of a Licensed Insolvency Trustee (LIT). With us, you’ll start with a free consultation to review your debts, income, and assets. If bankruptcy is the right choice, we will file the paperwork with the federal government to officially start the process. Once filed, all collection calls and most wage garnishments stop and most debts are stayed.

While some assets are not exempt from liquidation, the good news is, many essentials are protected by law, such as clothing, household goods, tools you use for work, and in most cases, a portion of the equity in your home or vehicle. During bankruptcy, you will be required to make monthly payments according to your income, submit monthly income and expense reports and attend two financial counselling sessions. In exchange, you can obtain discharge from bankruptcy, which will extinguish your obligation towards eligible debts, and you can begin rebuilding your credit with a clean slate.

Book a Free Consultation

Not sure about Bankruptcy?​

Bankruptcy is not the only path to debt relief. If you want to avoid surrendering assets, reduce your debt, and protect your credit from the long-term effects of bankruptcy, a consumer proposal may be a better option. It allows you to negotiate a manageable repayment plan and keep greater control over your finances. Learn more about how consumer proposals work.

 

Learn More
What is personal bankruptcy in Canada?
Personal bankruptcy is a legal process under the Bankruptcy and Insolvency Act that can provide relief from overwhelming debt. When you file a bankruptcy with a Licensed Insolvency Trustee (LIT), the trustee administers the bankruptcy, deals with your creditors and helps you through the process toward a discharge from most eligible debts.
Bankruptcy isn’t the only solution to financial difficulties. Depending on your income, debts, assets and circumstances, alternatives such as a consumer proposal may be appropriate. As a Licensed Insolvency Trustee, we can review your situation and explain your options before you decide how to proceed.
This is one of the most common concerns about bankruptcy. Certain assets may be exempt from seizure under applicable provincial or territorial laws, while non-exempt assets may have to be surrendered to the bankruptcy estate. Some can also be repurchased from the Trustee in order to be maintained. The rules vary by province, and we will help explain how the rules apply to your specific assets.
For a first-time bankrupt who meets all the requirements for an automatic discharge, bankruptcy can generally end after nine months. If surplus-income obligations apply, the period may be extended to 21 months. The timing can be different in subsequent bankruptcies or where other issues arise.
The cost of bankruptcy varies depending on your individual circumstances, including your income, assets and other factors. Trustee fees and certain bankruptcy expenses are regulated. During your initial assessment, we will explain the expected costs to you before you consider filing.
Yes, payments will likely be required but the amount will depend on your personal circumstances. If your income is above the applicable surplus-income threshold, you may be required to make additional contributions into your bankruptcy estate. The calculation considers your income, family size and other factors established under federal rules. The applicable standards are updated periodically by the Office of the Superintendent of Bankruptcy. Again, we will explain these implications to you before you consider filing so that you may make an informed decision.
A discharge from bankruptcy releases you from the legal obligation to repay most debts that existed when you filed. However, some obligations are not eliminated, including certain support obligations, court-imposed fines or penalties, some student loans and debts arising from fraud. We can explain which of your debts, if any, may survive the process.
Bankruptcy will affect your overall credit rating and can make obtaining credit more difficult. The length of time bankruptcy information remains on a credit report varies according to circumstances and province; a first bankruptcy is generally removed six or seven years after discharge and subsequent bankruptcies stay on for fourteen (14) years after discharge.
Filing a bankruptcy generally provides legal protection from collection activity relating to debts included in the bankruptcy, including certain actions such as lawsuits and wage garnishments. There are exceptions for obligations that are not affected by bankruptcy. We will help explain how each type of debt you have might be affected.
Both are formal legal processes administered by a Licensed Insolvency Trustee, but they work differently. A consumer proposal allows you to make an offer to your creditors—such as paying a portion of what you owe or extending the repayment period—and can allow you to retain your assets if you meet the terms. A bankruptcy involves the administration of your assets and may require surplus-income payments We can compare both of these options based on your circumstances.

Why Choose Lazard & Associates?

With more than 30 years experience in insolvency and over 25 years in business, we promise to be by your side every step of the way. Giving you the help you need to better your financial situation is what we do best, and we bring that to the table every day.

Licensed Insolvency Trustees (LITs)

Licensed Insolvency Trustees are the only professionals legally authorized to file consumer proposals in Canada.

Local and Family-Owned

Proudly serving Ottawa, Kingston, Cornwall, and beyond since 1999.

Free, No-obligation Consultation

Speak directly with a bilingual trustee, not a call centre. Remote and in-person consultations available.

Tailored Debt Solutions

Every proposal is customized for your unique situation. We take all of your circumstances into account.

Real People. Real Results.

Read our Google Reviews to see what our happy clients are saying.

Fantastic company to work with. Very flexible, non judgmental and all staff are pleasant and understanding. Head and shoulders above all the big names I approached at the beginning of this process. I highly recommend their services.

– Satisfied Client

Take Action Now

Speak to one of our licensed insolvency trustees today. Provide your contact information below to book your free, no-obligation, confidential consultation. Consultations can be fully remote or in-person, in English or French. You can also book an appointment by calling us at 613-567-4357 (HELP).
Please enable JavaScript in your browser to complete this form.

We're here to help

With more than 30 years experience in insolvency and over 25 years in business, we promise to be by your side every step of the way. Giving you the help you need to better your financial situation is what we do best, and we bring that to the table every day.